OCTG Share to Enhance in the Global Oilfield Services Market

Continuously rising energy demand and revitalization of aging of brown oil fields are the major drivers for the oilfield services market. Additionally, the lucrative and high investment areas of subsea regions such as the Gulf of Mexico, the North Sea, and new discoveries in West Africa are expected to lead the exponential growth of the oilfield services market. OCTG has the highest share followed by pressure pumping and well intervention services.

The European market had a share of 8% in the global oilfield services market. The total revenue generated by the European oilfield services market was $13,381.6 million in 2013, which is expected to grow at a CAGR of 11.1% from 2014 to 2019, to reach $25,120.1 million by 2019. Pressure pumping services has the highest share followed by OCTG and well intervention services. Three countries, Norway, the U.K., and Russia majorly dominate the European oil and gas industry. These three countries account for around 80% market value share in 2014.

Africa Oilfield Services Market Africa has a low share of 4.8% in the global oilfield services market in 2013. The total revenue generated by the African oilfield services market is $7,642.3 million in 2013, which is expected to grow at a CAGR of 14.2% from 2014 to 2019 to reach $16,909.2 million by 2019. OCTG has the highest share followed by pressure pumping and well intervention services. Angola and Egypt are the key oilfield services markets in this region.

Middle East Oilfield Services Market: The Middle East had a trivial share of 4.2% in the global oilfield services market. The total revenue generated by the Middle East oilfield services market was $7,493.3 million in 2013, which is expected to grow at a CAGR of 13.5% from 2014 to 2019 to reach $15,885.1 million by 2019. OCTG has the highest share followed by pressure pumping and wireline services. Saudi Arabia, Qatar and Abu Dhabi are the key oilfield services markets in this region.

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